Iran to increase food prices

Business Materials 12 May 2011 17:57 (UTC +04:00)

Iran approved increase of prices of some food products, Fars News Agency reported quoting Secretary of Iran Food Industry Association Abolhassan Khalili as saying.
The price of vegetable oil was increased by 15 percent and detergent powder by 14 percent at the Consumer Protection Organization's agreement.
Earlier, bread prices were increased by 25 percent due to removal of subsidies.
The Iran Guardian Council approved the subsidies plan in January, enabling to increase fuel, electricity and bread prices. The plan aims to boost country's economy, which is under international sanctions.
Official statistics indicate average salary rate at $350 per month in Iran in March.
Government is to transfer additional funds to private accounts of the country's 72 million citizens - $44 per each and to increase price of goods by 20 percent.